Maiva Pharma bags Rs 1,000 Cr funding from Morgan Stanley, India Life Sciences fund

Maiva Pharma, an injectables contract development and manufacturing organisation (CDMO), has bagged Rs 1,000 crore in primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund IV.

The investors have jointly acquired a controlling interest from current stakeholders and injected primary capital into the company. This marks Maiva’s inaugural private equity fundraising.

The Bengaluru-based firm will utilise the funds to set up a new manufacturing facility near Hosur, with capabilities in sterile dosage forms, including pre-filled syringes, bags, and oncology and hormonal injectables.

“We believe that the injectables CDMO market is poised for strong growth, and Maiva is well positioned to emerge as one of the leading independent players supplying to regulated markets,” said Nirav Mehta, Managing Director and Co-Head at Morgan Stanley Private Equity Asia.

Established in 1993, Maiva Pharma runs a manufacturing facility in Hosur, which holds approvals from the US FDA, EU GMP, and ANVISA. At this facility, it produces sterile solutions in vials and lyophilized vials. 

With a portfolio comprising over 75 products for CDMO services, Maiva Pharma serves more than 40 clients across the US, Canada, Europe, Australia, and LATAM markets.

“Complex injectables development and manufacturing capability, strong compliance and regulatory standards along with transparency and leadership differentiate Maiva from its competitors,” said Sumit Gupta, Managing Director at InvAscent (Investment Manager to India Life Sciences Fund IV).

Over the last three years, Maiva has quadrupled its manufacturing capacity for US, Canada, and EU markets,” claimed Dr Bhaskar Krishna, Managing Director and CEO of Maiva Pharma.

Avendus served as the sole financial advisor to Maiva and its shareholders on this transaction.

“We continue to see strong sponsor interest in India’s healthcare sector and particularly in the CDMO theme, as India is becoming a major outsourcing hub for pharmaceutical manufacturing and research-related services,” said Anshul Gupta, Managing Director and Head of Healthcare Investment Banking at Avendus Capital.